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DMG Consulting LLC Speech Analytics Market Report

The 2017-2018 Speech
Analytics Product and Market Report,
DMG Consulting’s twelfth annual edition, provides the most comprehensive and
thorough review and analysis of the competitors, products, features, pricing, payback,
and trends and challenges in the speech analytics market. DMG’s coverage of
this sector is unparalleled, and the Report is designed to enable end-user
organizations to understand this complex market and make the right choice of
product and partner for their unique environment. The Report focuses on
applications of speech analytics in contact centers, but it also explores the broader
use of this technology in a growing number of enterprise-wide activities.

The speech analytics market has reached maturity. These
solutions are being used by contact centers to convert unstructured phone
conversations into structured data that yields a wealth of information about
customer needs and expectations. Speech analytics also uncovers enterprise-wide
trends and challenges, providing tactical
and strategic information that can be used to enhance all aspects of an
organization, beyond the contact center.
Currently, there are two categories of speech analytics vendors in the
market: a large group of competitors who sell basic applications that focus on
identifying key words and phrases, and a smaller set of feature-rich solution
providers who offer extensive business
intelligence platforms that provide enterprise-level data.

The future of the speech analytics is positive. Adoption
remains strong, and there is still a significant unpenetrated market for the
stand-alone solutions. An even greater opportunity exists for vendors to deliver
solutions that are cloud-based and address both speech and text interactions. These
solutions make major contributions to enterprises when combined within other
applications for sales, marketing, collections and the customer journey.

Analytics-enabled quality assurance (AQA) is another area
where speech analytics can make valuable contributions. Using automation to evaluate
and track agents’ activities in voice interactions is an effective way to
improve contact center QA programs.
Having visibility into these transactions enables a company to monitor
agents, understand why customers are contacting the company, and improve
service quality and agent satisfaction. Traditional QA is people-intensive,
subjective and expensive. Speech analytics has the ability to evaluate all
voice contacts and provide statistically relevant results that can be used to
identify and address customer and agent issues.

The next step for speech analytics is to enter the world of
data science. DMG expects leading vendors to design new algorithms targeted at
a variety of enterprise issues. In the future, artificial intelligence (AI)
will be used to enhance the ability of speech analytics to identify issues and
recommend ways to address them. Machine learning is starting to be used to enable
these solutions to quantify the impact of new trends and issues with minimal
human intervention. The opportunities and benefits are substantial for vendors
and end users. Companies that take speech analytics seriously, and invest in
the resources and best practices to build an effective program are realizing
significant benefits.

The speech and text analytics offerings in the market are
not all equal. Prospects must carefully evaluate the speech and text analytics
solutions to be sure that they have all of the features and capabilities that
are necessary for their specific environment. The 2017 – 2018 Speech Analytics
Product and Market Report is intended to help contact center, IT and
enterprise leaders and managers select the right partner to meet their
organization’s current and future speech analytics needs.

Report Highlights:

The
speech analytics market is mature: After 14 years in the commercial market,
speech analytics has reached maturity, but the solutions have not become
commoditized. Some solutions are business intelligence platforms that are feature-rich,
while many others deliver basic functionality that concentrates on identifying key words and phrases and finding rudimentary
patterns.

There is
still substantial opportunity for growth in the speech analytics market and an
untapped market for text analytics: Although adoption of speech analytics
solutions continues to be strong, the addressable market is still large. It’s
time for a technology refresh cycle, and to open up the opportunity for
solutions that address speech and text analytics.

The
contributions of speech analytics will increase as these capabilities are
incorporated into other applications: Speech analytics applications are
highly valuable on a stand-alone basis, and their benefits increase as findings
are incorporated into third-party applications and processes. This is
particularly true for customer journey and interaction analytics solutions, where
speech analytics can contribute great insights and provide context about
customer needs and wants.

The next
step for speech analytics is to enter the world of data science: Some
speech analytics solutions have already begun to incorporate machine learning
techniques to enhance their ability to identify and analyze findings with
minimal human intervention. A new round of investments in artificial
intelligence will also make significant contributions and improvements to
speech and text analytics solutions.